Alliance HealthCard, a provider of health discount and lifestyle benefits, has completed its acquisition of Access Plans USA.
Access Plans markets health insurance and develops and distributes consumer-driven discount plans on a variety of health-related services such as medical, dental, pharmacy and vision care and manages its own proprietary dental and vision networks.
Alliance HealthCard has issued 6.8 million shares of its common stock to holders of Access Plans USA common stock, under the terms of the agreement and plan of merger previously filed with the Securities and Exchange Commission.
Pursuant to the merger agreement, French Hill and Russell Cleveland, former directors of Access Plans, have been named to the board of directors of Alliance HealthCard.
Also pursuant to the merger agreement, Robert Garces and Thomas Kiser have resigned from the Alliance HealthCard board of directors. Mr Garces and Mr Kiser, founders of Alliance HealthCard, will remain as advisors to the board and as consultants to the company, although they will not continue as executive officers.
In addition, Kent Webb, founder of the predecessor company to Access Plans and a former member of the board of directors of Access Plans, has been named medical advisor to the Alliance HealthCard board of directors.
Danny Wright, chairman and CEO of Alliance, said: The addition of Access Plans to our platform provides opportunities for cost savings through additional vertical integration and consolidation as well as enhanced shareholder value opportunity through greater top-line revenue. This merger also further diversifies our company through the addition of America’s Health Care Plans, the largest independent agent network in the country for the marketing of individual major medical health insurance.